Consumers can't get enough health and wellness
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Wellness is increasingly a key priority for consumers, according to the latest research from consulting firm McKinsey & Company.
The big picture: The estimated spend on wellness products and services is more than $450 billion in the United States and rising at more than 5% annually, McKinsey found.
- Digestive or gut health, women's health and sexual health are among the areas driving more of that spending and purchasing power, Anna Pione, a partner at McKinsey, tells Axios.
Between the lines: Millennials are the key group to watch. They prioritize health and wellness more than any other generation, Pione says.
Reality check: Health products like supplements fall under the purview of the Federal Trade Commission, meaning they are not regulated the same way as prescription medication, which is managed by the Food and Drug Administration.
What's next: Consumers want more offerings to fully meet their needs, particularly for sleep and mindfulness, which includes therapy and meditation, per the research.
- "In both of those categories there's a lot of evolution in terms of what is being brought to the table," from sleep tracking apps to direct-to-consumer mental health services, Pione says.